Exsorbet Industries, Inc. announces agreement to acquire 7-7, Inc. and patented Liquification Technology.JACKSON, Miss.--(BUSINESS WIRE)--Aug. 8, 1996--Exsorbet Industries, Inc. (Nasdaq SmallCap: EXSO) today announced the signing of a definitive agreement to acquire the stock of 7-7, Inc., an Ohio corporation. Founded in 1978 and based in Wooster, Ohio (located approximately 50 miles south of Cleveland), 7-7, Inc. provides a broad range of environmental services The various combinations of scientific, technical, and advisory activities (including modification processes, i.e., the influence of manmade and natural factors) required to acquire, produce, and supply information on the past, present, and future states of space, atmospheric, including remediation services, emergency response capabilities, barge cleaning, industrial maintenance, and hazardous waste Hazardous waste Any solid, liquid, or gaseous waste materials that, if improperly managed or disposed of, may pose substantial hazards to human health and the environment. Every industrial country in the world has had problems with managing hazardous wastes. recycling. The firm has developed a patented Liquification Process that recycles hazardous coal tar coal tar, product of the destructive distillation of bituminous coal. Coal tar can be distilled into many fractions to yield a number of useful organic products, including benzene, toluene, xylene, naphthalene, anthracene, and phenanthrene. and petroleum tar sludges. The Liquification Process has broad applications for the steel industry, petroleum and chemical refineries, utility power plants, wood treating plants, and EPA EPA eicosapentaenoic acid. EPA abbr. eicosapentaenoic acid EPA, n.pr See acid, eicosapentaenoic. EPA, n. Superfund sites. In commenting on the acquisition of 7-7, Dr. Ed Schrader Dr. Ed Schrader is President of Brenau University. He is the university's ninth president and has directed the Gainesville, GA school since January 2005. Brenau has experienced unprecedented growth in enrollment and academic quality under Dr. , Exsorbet's President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , said, "we are extremely excited about 7-7 joining the Exsorbet family of companies. We believe the 7-7 Liquification Process has significant cost advantages over traditional tar waste disposal methods such as landfills or incinerators because it relieves the waste generator, remediation firm, and end user of the continuing liability associated with the hazardous waste." 7-7 is expected to become the largest subsidiary in the Exsorbet family of companies. 7-7 recently opened its first permanent regional liquification facility which is capable of processing 300 tons per day, on-site at a specialty chemical A Specialty chemical is a chemical produced for a specialized use. They are produced in lower volume than bulk chemicals, of which petrochemicals, made from oil feedstocks, are the most common. However, both are produced in a chemical plant. manufacturing facility in Cleveland, Ohio. Typical revenues are from $125.00 to $350.00 per ton of waste. This facility has contracted to process the customer's waste stream and the waste of several industrial companies in the region. The permanent facility supplements 7-7's two portable Liquifiers that it has operated successfully since 1992. For the five previous years, 7-7's sales have ranged from a low of about $12,000,000.00 to a high of about $24,000,000.00. For the first six months of the current fiscal year of 7-7, $7,384,197 in sales were generated. Although 7-7 will operate as an independent unit and management personnel will remain in place, its divisions will interact intimately with existing Exsorbet subsidiaries. 7-7's emergency response division, which operates primarily in the Ohio River area, is expected to benefit from collaboration with Larco, an Exsorbet subsidiary which is a leading emergency responder in the Gulf coast area, expanding Exsorbet's coverage in the market sector from the Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east to the Great Lakes. Additionally, 7-7's field service remediation business will work closely with CESI CESI Centro Elettrotecnico Sperimentale Italiano (Italy) CESI Chauffe-Eau Solaire Individuel CESI Centre d'Etudes Superieures Industrielles (French) CESI Canadian Educational Standards Institute , an Exsorbet subsidiary that provides comprehensive environmental remediation services. Cal Lowe, II, president of 7-7 commented, "we believe there are world-wide applications for 7-7's Liquification Process and we are committed to being the world leader in this field." The transaction, a structured purchase including an earnout over time proportional to 7-7's profitability, will be accounted for as a purchase acquisition by Exsorbet involving cash, issuance of some Exsorbet stock, and assumption of 7-7 debt. The transaction is expected to close no later than September 30, 1996. Exsorbet Industries, Inc. is a diversified environmental product and service company specializing in state-of-the-art technical solutions for problems in site remediation, dewatering Dewatering (dē′wöd·ər·iŋ) is the removal of water from solid material or soil by wet classification, centrifugation, filtration, or similar solid-liquid separation processes. and pond solidification, hazardous waste cleanup material and service, bioremediation bi·o·re·me·di·a·tion n. The use of biological agents, such as bacteria or plants, to remove or neutralize contaminants, as in polluted soil or water. , environmental engineering and project management, industrial maintenance services, and twenty-four hour emergency response services. Subsidiaries of Exsorbet Industries, Inc. include Eco-Systems; SpilTech Services, Inc.; Consolidated Environmental Services, Inc.; Cierra, Inc.; LARCO Environmental Services, Inc.; and K.R. Industrial Services of Alabama, Inc. Offices are located in Dallas, Bridge City, Euless and Houston, Texas; Fort Smith and Little Rock, Ark.; Tulsa, Okla.; Kansas City, Mo.; Jackson, Miss.; Mobile, Birmingham, Decatur, and Double Springs, Ala.; and Baton Rouge and Sulphur (Lake Charles), La. CONTACT: Exsorbet Industries, Inc. Dr. Ed Schrader, 601/974-1342 Charles E. Chunn, Jr., 501/452-1987 Ed Penick, Jr., 501/664-7745 |
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